GBP/USD 1.6496 - 16 September 2009

GBP/USD Open 1.6488 High 1.6656 Low 1.6409 Close 1.6485

Pound/Dollar made another downward movement on Tuesday as expected, reaching a bottom at 1.6409, closing the day at 1.6485. Of the 1 hour chart the bullish channel was convincingly broken downwards, indicating existence of strong bearish pressure. Signals are bearish in the short term, and neutral in the medium term, and our preferably scenario at the moment is downwards, with possible testing of the 1.6290 support level. The nearest resistance is 1.6655. Break above this level may trigger further bullish momentum. The RSI has crossed down the 100 line on the 1 hour chart, suggesting potential decreasing rebound.

Technical resistance levels: 1.6655 1.6770 1.6900

Technical support levels: 1.6410 1.6290 1.6155

Trading range: 1.6510 - 1.6435

Trend: Downward

Sell at 1.6496 SL 1.6526 TP 1.6446

Already made +9 pips profit on GBP/USD today from the following signal:

6:44 GMT+1 Sell GBP/USD at 1.6448 SL 1.6474 TP 1.6388 exited at 6:54 GMT

Today so far +136, yesterday +104, as shown at www.zifx.com/performance.php

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